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The fire spread across several floors of the building

Deana Irwin, who lives next to the market, saw flames blazing "about 5m high from the top of the building".

Witness Joan Ribes, 24, said: "I was just passing by when I saw the fire and they started to get firefighters and police, it was all very fast.

"We called the police to close the street to the traffic because it was very dangerous, the fire was flying through the air to the surrounding areas."

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Fire officers said the fire began in a building where Honest Burger is based

The market, which has been based in the area since 1974, has more than 1,000 stalls and shops.

Deicola and Leora Neves, who own Camden Guitars which is based in the burnt building, said their shop had been destroyed and "everything has gone".

"This is where we started and we're really feeling the loss of that," Ms Neves said.

Market worker Kareem Khodeir said he believed about 100 traders would have been affected by the blaze and some would be "finished" as a result.

"There were 30-35 permanent stalls in the building who have completely lost everything while those who trade outside also store their stock in there.

"It most likely will destroy a few businesses completely," he said.

Alex Proud, founder of the Proud Galleries in Camden, said the fire brigade had "turned up incredibly quickly and stopped what could have been a really substantial fire which could have wiped out the market".

"These are old buildings, they go back to the 1840s," he added.

He said only about 5-10% of the market had been damaged and "75% of the market is now open".

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Damping down has been continuing at the scene, the fire brigade said

At the scene: Jennifer Scott, BBC News

It's a tourist hotspot that attracts millions and an area of the capital with rich rock 'n' roll history.

But Camden Lock Market is also the livelihood of many small businesses and a stone's throw from local residents who had to watch as the fire took hold.

Nestled next to Regent's Canal and beside Camden's railway bridge, visitors have vast quantities of shops to explore and cuisine to sample.

Now the Market Hall - a four storey building filled with independent traders who often make their own products - looks badly burnt, with broken windows and a strong smell of smoke surrounding it.

"The hard work and aggressive action of the fire crews ensured it didn't spread to the nearby buildings," said London Fire Brigade station manager Andrew Walton.

Ozgur Kaya works on a jewellery stall in the building.

"Some of the traders have lost everything," he said. "They are so upset. We are all here to be there for them."

Sam Row, who runs a vintage camera stall in the shadow of the building, only discovered the news when he came to work first thing.

"All my kit is in there," he said. "I don't know if it is safe, if it has been damaged by fire or water. It's very worrying for us."